Oopsie! CBO Confirms Obama Underestimated Future Budget Deficits by Whopping $2.3 Trillion
C’mon, what’s a few trillion among friends?
(AP) — A new assessment of President Barack Obama’s budget released Friday says the White House underestimates future budget deficits by more than $2 trillion over the upcoming decade.
The estimate from the nonpartisan Congressional Budget Office says that if Obama’s February budget submission is enacted into law it would produce deficits totaling $9.5 trillion over 10 years — an average of almost $1 trillion a year.
Obama’s budget saw deficits totaling $7.2 trillion over the same period.
The difference is chiefly because CBO has a less optimistic estimate of how much the government will collect in tax revenues, partly because the administration has rosier economic projections.
But the agency also rejects the administration’s claims of more than $300 billion of that savings — to pay for preventing a cut in Medicare payments to doctors — because it doesn’t specifying where it would come from. Likewise, CBO fails to credit the White House with an additional $328 billion that would come from unspecified “bipartisan financing” to pay for transportation infrastructure projects such as high speed rail lines and road and bridge construction.
Friday’s report actually predicts the deficit for the current budget year, which ends Sept. 30, won’t be as bad as the $1.6 trillion predicted by the administration. But 10 years from now, CBO sees a $1.2 trillion deficit that’s almost $400 billion above White House projections.
The White House’s goal is to reach a point where the budget is balanced except for interest payments on the $14 trillion national debt. Such “primary balance” occurs when the deficit is about 3 percent of the size of the economy, and economists say deficits of that magnitude are generally sustainable.
But CBO predicts that the deficit never gets below 4 percent of gross domestic product. That means that by the time 2021 arrives, the portion of the debt held by investors and foreign countries will reach a dangerously high 87 percent.
“The President’s budget never reaches ‘primary balance,’ meaning that it fails to clear even the low bar the administration set for itself in justifying its claims of sustainability,” said House Budget Committee Chairman Paul Ryan, R-Wis.
White House budget director Jacob Lew said in a blog post that “CBO confirms what we already know: current deficits are unacceptably high and if we stay on our current course and do nothing, the fiscal situation will hurt our recovery and hamstring future growth.”
Posted by D-Lo on Friday, March 18, 2011, at 4:45 pm | 
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peanuts.
Is anyone surprised?
Resident Obawful also underestimates the intelligence of the American people if he expects to be elected to a second term.
Last time he ran on unicorns and butterflies, now he’ll have to defend an abysmal record on every level, and it sure aint pretty. But you know the MSM will photoshop the hell out of it.
He also OVERESTIMATED his intellect…..his popularity…and his longevity.
Other things he (purposefully) underestimated…
1.) the anger of the american majority
2.) the degree to which conservatives will go to get rid of his sorry ass
3.) the continual questioning of his eligibility to lead
4.) the lack of respect he garners from the military
5.) the lack of respect he engenders from foreign leaders
6.) the lack of respect his left-wing liberal retards show him
7.)
did I forget anything important?
Shocking!
mackmack beat me to it, I think….
Obama Underestimated Future Budget Deficits by Whopping $2.3 Trillion
Not underestimated,just hoping no one would notice.. you know cause we all being so dumb and all.
They should turn themselves in and release Bernie Madoff.
Just like Obumbles is ridiculing the birther issue to delegitimize it, I laugh and ridicule Obumble to anyone’s face that supports him. Let’s convince people what a colossal joke this idiot is!
i still say he gets reelected.
the majority of americans are stupid
and they will vote for him again.
For those of you who missed this, watch. And make it go viral:
http://www.youtube.com/watch?v=K-JuE9esfUc
Good Lord, the bad news never ends with this fraud. No matter how bad we think this mis-administration has been for the country, it’s worst than that.
Our priority is simple, this must end on January 20th, 2013, or our country may be doomed. It may be already too late by then.
@sally, that is exactly was scares the crap out of me, stupid americans who vote.
Liar in Chief at it again. Agree with Proud Infidel, if we don’t right the ship Jan. 20th 2013, America is toast.
Makes a person wonder what else is hidden.
@Proud Infidel , you are right brother, I hope and pray that it is not too late already. I can understand the left who votes for the troll, but people I know who I never thought could be so swayed or hosed in their thinking that voted for him. Also the young, the next generation, who are so misinformed, but voted for Obama just because it sounded cool. WOW we could be in trouble, if not already.
Lawyers don’t do basic math!
buuzawmonkey, I don;t know if I should laugh or cry at that video. It’s hysterically funny, but also a grim look at the reality of the Obamanation. Our country can’t go on like this.
President Wrecking ball rides again.
How many times do we allow this absolute embarrassment of a president to flat out lie without starting the impeachment process?
Chump Change We Can Believe In!
Obama 10 years budget rely on historically impossible rosy scenarios to reach those numbers. His scenario rely on an economy better than anything Clinton or Bush ever had. In fact better than anything US ever had
Didn’t CBO and White House project deficit for 2011 around $1 trillion yet it turned out to be $1.6 trillion? If they’re getting it wrong 2 years out by $600b, its going to be much much worst than the $1 trillion they’re projecting
None of them have any conception of one trillion vs one billion and the schools don’t teach it to children.
Schools?
We don’t need no SCHOOLS!
Why would you want Johnnie and Sally to be able to READ or do MATH???
Leaving them ignorant makes them more CONTROLLABLE and psychologically pliable.
Hell, let’s legalize DOPE and then they won’t care WHAT happens to our nation!!!!!
I like the shoddy way the WH stuck 628 billion in with no indication of where it comes from … I guess Obozo expects CBO to turn a blind eye to his grandiose projections (without substantiation) .
This, in and of itself, should outrage every adult in America.
This pig is not worthy to be called President.
Time to tar and feather this bastard !
Ahem, Specie,
“Time to tar and feather this bastard !”
Hey!!! hey! hey!!! Watch what you write! They got your name, they got your IP address, you’ll go to the gulags for “thought crimes!”
We’re supposed to respect foreign nationals (even if he is a bastard!)
See ya in the gulags!
Bartholomew Roberts